However careful you are with your manufactured product, there is a minor chance that it can be defective. This defect can lead to various casualties and legal liabilities. Reliance Product Liability Insurance helps you in case of such contingencies by covering legal expenses and providing financial assistance.
This policy covers legal liability due to the products manufactured by the insured and specifically mentioned in the policy, after such products have left the insureds premises, including:
- Accidents arising due to defects in the products
- Injury, damage, or pollution arising out of products
- Compensation shall include -
- Claimant’s costs, fees and expenses anywhere in India, payable under the law of the country.
- Policy can be extended to include amounts payable under any judgment, award, payment or settlement made within countries that operate under the laws of the United States of America, or Canada, or anywhere in the world.
The policy does not cover -
- Cost, repair or replacement of allegedly defective product.
- Product recall
- Contractual agreement liability
- Any product which is intended for incorporation into any aircraft
- Financial loss or loss of goodwill
- Deliberate, willful, intentional non-compliance of statutory provisions
- Any product guarantee
- Fines, penalties, punitive or exemplary damage
- War and nuclear perils.